Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 03/03/97 |
|---|---|
| Ticker Symbol | CFVLX |
| Cusip | 200626828 |
| Minimum Initial Investment | $1,000 |
Commentary
Value equities delivered solid returns during the fourth quarter, outperforming growth as investors leaned toward durable cash flows, attractive valuations, and defensive characteristics. With the Fed lowering rates, value stocks posted mid-single-digit gains on the quarter. The Technology and Communications sectors led performance as investors favored many of the names levered to an improving economy and continued investment in AI infrastructure. Healthcare provided support as many regulatory concerns were alleviated during the quarter. uncertainty. The Commerce Value Fund’s return of 1.12% underperformed the Russell 1000 Value Index return of 3.81%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were Merck & Co., Inc. (1.96%), Amgen Inc. (1.92%), and Prologis, Inc. (1.95%), returning 26.48%, 16.80%, and 12.36%, respectively. The Fund’s top detractors were Oracle Corporation (0.00%), T-Mobile US, Inc., (0.00%), and Home Depot, Inc. (1.93%), returning -30.43%, -17.02%, and -14.52%, respectively.
The Fund’s sector allocation added to performance for the quarter. The Fund’s 1.76% overweight in the Communication Services sector, which returned 8.50%, added to performance as it was a stronger sector. The Index had an 8.17% weight in the Communication Services Sector. However, the Fund’s 0.20% overweight position in the Energy sector hurt performance as it was a weaker sector, returning 1.21%. The Index had an 5.83% weight in the Energy sector.
| Total Fund Assets as of 12/31/2025 | $231,303,548 |
|---|---|
| Net Asset Value1 | $31.99 |
| Asset Allocation | |
| Equities | 99.9% |
| Cash | 0.1% |
| Weighted Average Market Capitalization | 403.5 billion |
Top 10 Equity Holdings2 as of 12/31/2025
| iShares Russell 1000 Value ETF | 3.6% |
|---|---|
| Alphabet Inc Class A | 3.1% |
| Berkshire Hathaway Inc Class B | 2.7% |
| JP Morgan Chase & Co | 2.5% |
| Bank of America Corporation | 2.1% |
| Comcast Corporation Class A | 2.0% |
| Verizon Communications Inc | 2.0% |
| Exxon Mobil Corporation | 2.0% |
| Broadcom Inc | 2.0% |
| The Walt Disney Company | 2.0% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.